Cyprus Plan May Be Model For Others, Markets Close Lower

Comments by Eurogroup president Jeroen Dijsselbloem that the Cyprus bailout plan of tapping bank shareholders and bondholders to finance a bailout package could be a model for other struggling nations sent the markets tumbling to a lower close with the Dow dropping 64 points to 14,447. Nasdaq fell 9 points to 3235.

On the upside

Canaccord Genuity analyst Jonathan Dorsheimer upgraded Veeco Instruments (Nasdaq: VECO) to a Buy rating.

ZaZa Energy (Nasdaq: ZAZA) formed a joint venture to develop its Eaglebine assets and announced plans to sell 10,000 acres of property in Texas.

Needham initiated coverage of Galena Biopharma (Nasdaq: GALE) with a Buy rating.

On the downside

Profit taking sank shares of Halozyme Therapeutics (Nasdaq: HALO) whose stock price soared on Friday after receiving a Positive Opinion from the European Medicines Agency.

USG (NYSE: USG) amended its stockholder rights plan.

PGT (Nasdaq: PGTI) majority shareholder JLL Partners Fund IV LP may sell part of its 62% stake in the residential window and door maker.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 2 on the NYSE and by nearly 10 to 9 on Nasdaq. The broader S&P 500 index lost 5 points to 1551.

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